Monthly Archives: September 2013

Congratulations to all of our corporations and law firms that selected our transactions serviceslast week including Ichan Enterprises LP. w/ Proskauer Rose LLP, Sequential Brands Group Inc., Genspera Inc. w/ Silvestre Law Group PPC and Travelsafe Inc. w/ Szaferman, Lakind, Blumstein, & Blader PC. We appreciate that they selected to work with us and we’re pleased that they found us both accurate and affordable.

Traditional or Confidential, the S-1 workflow with the SEC is the same. Free whitepaper: click image.

Registrant

Symbol

Form Type

Exchange

Law firm / Advisor

CATCHMARK TIMBER TRUST, INC.

S-11

Alston & Bird LLP

GUARANTY FEDERAL BANCSHARES INC

GFED

S-1

Nasdaq

Barack Ferrazzano Kirschbaum & Nagelberg LLP

STARPOINT GENERAL CORP

S-1

Befumo & Schaeffer, PLLC

BIOCEPT INC

S-1

Biocept, Inc.

GS MORTGAGE SECURITIES CORP II

S-3

Cadwalader, Wickersham & Taft LLP

DISCOVER BANK

S-3

Chapman and Cutler LLP

NUVEEN QUALITY MUNICIPAL 2018 TERM FUND

N-2

Chapman and Cutler LLP

DATAWATCH CORP

DWCH

S-3

Nasdaq

Choate, Hall & Stewart LLP

NEW MEDIA INVESTMENT GROUP INC.

10-12B

Cleary Gottlieb Steen & Hamilton LLP

BLUEPHOENIX SOLUTIONS LTD

BPHX

F-1

Nasdaq

Cooley LLP

CHRYSLER GROUP LLC

S-1

Cravath, Swaine & Moore LLP

DAKOTA PLAINS HOLDINGS, INC.

DAKP

S-3

OTC

Dakota Plains Holdings, Inc.

SOUTHEASTERN GROCERS, LLC

S-1

Gibson, Dunn & Crutcher LLP

EVOGENE LTD.

F-1

Goldfarb Seligman & Co.

VANDA PHARMACEUTICALS INC.

VNDA

S-3

Nasdaq

Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP

NUTRAFUELS INC

S-1

Hamilton & Associates Law Group, P.A.

COMMUNITY HEALTH SYSTEMS INC

CYH

S-4

NYSE

Health Management Associates, Inc.

BLUEPHOENIX SOLUTIONS LTD

BPHX

F-1

Nasdaq

Herzog, Fox & Neeman

GUARANTY FEDERAL BANCSHARES INC

GFED

S-1

Nasdaq

Husch Blackwell LLP

MAGNACHIP SEMICONDUCTOR CORP

MX

S-4

NYSE

Jones Day

CUMULUS MEDIA INC

CMLS

S-3

Nasdaq

Jones Day

NUVEEN QUALITY MUNICIPAL 2018 TERM FUND

N-2

K&L Gates LLP

METROPOLITAN LIFE INSURANCE CO/NY

S-3

K&L Gates LLP

CATCHMARK TIMBER TRUST, INC.

S-11

King & Spalding LLP

SOUTHEASTERN GROCERS, LLC

S-1

King & Spalding LLP

COMMUNITY HEALTH SYSTEMS INC

CYH

S-4

NYSE

Kirkland & Ellis LLP

HORSEHEAD HOLDING CORP

ZINC

S-3

Nasdaq

Kirkland & Ellis LLP

APPAREL HOLDING CORP.

S-1

Kirkland & Ellis LLP

GAS NATURAL INC.

EGAS

S-3

NYSE

Kohrman Jackson & Krantz P.L.L.

MARCUS & MILLICHAP, INC.

S-1

Latham & Watkins LLP

DISCOVER BANK

S-3

Latham & Watkins LLP

DEVON MIDSTREAM PARTNERS, L.P.

S-1

Latham & Watkins LLP

RELYPSA INC

S-1

Latham & Watkins LLP

EVOGENE LTD.

F-1

Meitar Liquornik Geva Leshem Tal

BIOCEPT INC

S-1

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

58.COM INC.

F-1

O’Melveny & Myers LLP

MARCUS & MILLICHAP, INC.

S-1

Orrick, Herrington & Sutcliffe LLP

ICAHN ENTERPRISES L.P.

IEP

S-4

Nasdaq

Proskauer Rose LLP

ICAHN ENTERPRISES HOLDINGS L.P.

S-4

Proskauer Rose LLP

RELYPSA INC

S-1

Relypsa, Inc.

RELYPSA INC

S-1

Ropes & Gray LLP

SEQUENTIAL BRANDS GROUP, INC.

SQBG

S-1

Nasdaq

Sequential Brands Group, Inc.

BE ACTIVE HOLDINGS, INC.

JALA

S-1

OTC

Sichenzia Ross Friedman Ference LLP

DECISIONPOINT SYSTEMS, INC.

S-1

Sichenzia Ross Friedman Ference LLP

APPALACHIAN POWER CO

AJA

S-3

Sidley Austin LLP

GENSPERA INC

GNSZ

S-1

OTC

Silvestre Law Group, P.C.

CEDAR POINT INC

S-4

Simpson Thacher & Bartlett LLP

APPAREL HOLDING CORP.

S-1

Simpson Thacher & Bartlett LLP

58.COM INC.

F-1

Skadden, Arps, Slate, Meagher & Flom LLP

EVOGENE LTD.

F-1

Skadden, Arps, Slate, Meagher & Flom LLP

BIOCEPT INC

S-1

Stradling Yocca Carlson & Rauth, P.C.

CHRYSLER GROUP LLC

S-1

Sullivan & Cromwell LLP

SUNCHIP TECHNOLOGY, INC.

S-1

Sunchip Technology, Inc.

GSV CAPITAL CORP.

GSVC

N-2

Nasdaq

Sutherland Asbill & Brennan LLP

LIBERTY STAR URANIUM & METALS CORP.

LBSR

S-1

OTC

Szaferman, Lakind, Blumstein, & Blader, P.C.

TRAVELSAFE, INC.

S-1

Szaferman, Lakind, Blumstein, & Blader, P.C.

SIGMABROADBAND CO.

S-1

Vazquez Law Firm

DEVON MIDSTREAM PARTNERS, L.P.

S-1

Vinson & Elkins L.L.P.

COMMUNITY HEALTH SYSTEMS INC

CYH

S-4

NYSE

Weil, Gotshal & Manges LLP

EVOGENE LTD.

F-1

White & Case LLP

SUNCHIP TECHNOLOGY, INC.

S-1

Wilson Campilongo LLP

Post IPO, thousands of organizations count on us to assure regulatory compliance and target new investors. Click here and opt-in to receive this weekly summary via email.

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If appropriations are not completed by October 1 (the first day of FY 2014 for the U.S. Government), the Securities and Exchange Commison (SEC) will start winding down its operations until the appropriations are completed.

What will be available at the SEC (related to filings):

Systems available for filings by registrants and regulated entities/questions about Filings

EDGAR and other filing systems (but see below re: processing of registrations and other filings) will remain functional

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This week’s XBRL.US conference in Las Vegas brought many corporate XBRL managers and corporate accountants to the Vintage Filings booth to discuss their XBRL process and our fleXBRL program. As you can imagine, the SEC filing “world” has been rocked dramatically in the past few years – with the XBRL workflow monopolizing the conversation.

What was most enlightening (shocking!) is how fragmented the other procedures of corporate reporting remain. Most corporations are using different providers for:

… as well not using their newswire to cover and submit their 8-K news releases. One company told us they are working four different portals for their 10-K alone.

Simplifying workflow is a lesson that IR has learned well. Align as many TACTICAL procedures as you can to give yourself more time for STRATEGY.

Being “Procedurally Perfect” with Vintage Filings has another benefit. You won’t need a spoonfull of sugar when you get our invoice. Billed as quoted, no surprises aka: Supercalifragilisticexpialidocious.

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A bit of buzz about Amazon’s 14-tweet news announcement on Wednesday. Marketing-wise, it was a clean and targeted campaign: the issuing of a press release of bullet points followed up by the retweeting of those points. The #1 rule of content marketing is maximizing your content across as many channels as appropriate.

Investor relations departments have been using this same strategy for earnings announcements for several quarters now. Below is a StockTwits page of FedEx’s most recent earnings tweets. (click the image to enlarge it)

This example of using Twitter and StockTwits for shareholder communications is actually a much better use of the real-time value of the social media audience. The Amazon press release and subsequent tweets were (according to my timestamps) sent at 12:05 – 1:07 AM EST so it was not meant to be a real-time (workday) campaign. Earnings announcments are real-time, market moving events.

The FedEx example above is also an excellent study of using StockTwits and Twitter for investor relations; much in line with this whitepaper.

Don’t have dialogue: have “newsflow”

Don’t imply selective disclose by pick-and-choosing followers

Do use your $CASHTAG

Do use both StockTwits and Twitter

Again: The #1 rule of content marketing (and that is what shareholder communications is) is maximizing your content across as many channels as appropriate.

NEW YORK – September 26, 2013 – OTC Markets Group (OTCQX: OTCM), operator of Open, Transparent and Connected financial marketplaces, and PR Newswire, the global leader of innovative marketing, communications and investor relations solutions, today announced enhanced news distribution and U.S. Securities and Exchange Commission (SEC) compliance options for OTCQX®, OTCQB® and OTC Pink® companies that report to the SEC and those that seek to distribute press releases internationally.

Companies that use OTCIQ.com, OTC Markets Group’s investor relations and market intelligence portal, to disseminate company news and information may now also use the portal to file press releases with the SEC as a Form 8-K/6-K through PR Newswire’s secure EDGAR filings service, Vintage Filings, providing a convenient way to comply with SEC disclosure requirements. Companies have been using OTCIQ.com to distribute press releases through PR Newswire at preferred rates through a partnership announced in November 2012.

In addition, OTC Markets Group now offers streamlined international news distribution for OTCQX, OTCQB and OTC Pink companies that wish to distribute press releases internationally. Companies may use OTCIQ.com to distribute English-language press releases through PR Newswire’s expansive international news distribution network in the U.K., Singapore and Canada, all at exclusive discounted rates.

“The enhancement of our partnership with PR Newswire makes it easy and economical for the 2,700 SEC reporting companies and more than 3,400 international companies trading on our OTCQX, OTCQB and OTC Pink marketplaces to meet their disclosure requirements and maximize the distribution of their news and disclosure outside the U.S.,” said Lisabeth Heese, Managing Director of Issuer and Information Services for OTC Markets Group. “It is our goal to provide OTCQX, OTCQB and OTC Pink companies convenient access to the tools necessary to convey their reputations, news and disclosure to analysts, investors and the media. We are always looking for ways to increase the transparency and connectivity of companies trading on our marketplaces.”

“By helping companies simplify the tactical tasks of material disclosure and SEC compliance, OTC Markets Group has provided OTCQX, OTCQB and OTC Pink company executives more bandwidth to focus on the strategic aspects of being a public company,” said Pamela Bartlett, Vice President, Channels at PR Newswire. “The secure, single log-in integration for both news distribution and EDGAR filing directly from the OTCIQ.com portal is a true time-saving benefit for issuers. PR Newswire‘s Vintage Filings is one of the top EDGAR filing newswires and we’re very proud that OTC Markets Group has chosen to expand our partnership.”

OTC Markets Group Inc. (OTCQX: OTCM) operates Open, Transparent and Connected financial marketplaces for 10,000 U.S. and global securities. Through our OTC Link® ATS, we directly link a diverse network of broker-dealers that provide liquidity and execution services for a wide spectrum of securities. We organize these securities into marketplaces to better inform investors of opportunities and risks – OTCQX®, The Best Marketplace with Qualified Companies; OTCQB®, The Venture Stage Marketplace with U.S. Reporting Companies; and OTC Pink®, The Open Marketplace with Variable Reporting Companies. Our data-driven platform enables investors to easily trade through the broker of their choice at the best possible price and empowers a broad range of companies to improve the quality and availability of information for their investors. To learn more about how we create better informed and more efficient financial marketplaces, visit www.otcmarkets.com.

PR Newswire (www.prnewswire.com) is the premier global provider of multimedia platforms that enable marketers, corporate communicators, sustainability officers, public affairs and investor relations officers to leverage content to engage with all their key audiences. Having pioneered the commercial news distribution industry 58 years ago, PR Newswire today provides end-to-end solutions to produce, optimize and target content — from rich media to online video to multimedia — and then distribute content and measure results across traditional, digital, mobile and social channels. Combining the world’s largest multi-channel, multi-cultural content distribution and optimization network with comprehensive workflow tools and platforms, PR Newswire enables the world’s enterprises to engage opportunity everywhere it exists. PR Newswire serves tens of thousands of clients from offices in the Americas, Europe, Middle East, Africa and the Asia-Pacific region, and is a UBM plc company.

About Vintage Filings

PR Newswire’s Vintage Filings division is a full-service financial filing and printing firm and a leading partner for all your XBRL filing needs. With more than 4,500 public company clients, Vintage is one of the fastest growing compliance firms nationwide. Vintage partners with its clients to provide the knowledge and service necessary to meet the SEC’s ever-changing filing regulations. Vintage Filings provides high-quality, cost-effective compliance filings and production services, including EDGAR Filings, typesetting, XBRL tagging, section 16 filings, investment management services, drafting sessions, virtual data rooms (VDR) and more.

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Congratulations to all of our corporations and law firms that selected our transactions serviceslast week including Xcel Brands Inc. w/ Blank Rome LLP, Montalvo Spirits Inc. w/ Kane Kessler PC and Global Defense & National Security Systems Inc. w/ McDermott Will & Emery LLP. We appreciate that they selected to work with us and we’re pleased that they found us both accurate and affordable.

Curious about the IPO process? Free whitepaper: click image.

Registrant

Symbol

Form

Exchange

Law firms / Advisor

AERIE PHARMACEUTICALS INC

S-1

Aerie Pharmaceuticals, Inc.

PIONEER NATURAL RESOURCES CO

PXD

S-4

NYSE

Andrews Kurth LLP

CHENIERE ENERGY PARTNERS LP HOLDINGS, LLC

S-1

Andrews Kurth LLP

POSITIVEID CORP

YDM

S-1

OTC

Anslow + Jaclin, LLP

ARMSTRONG ENERGY, INC.

S-4

Armstrong Teasdale LLP

RADISYS CORP

RSYS

S-3

Nasdaq

Baker & McKenzie LLP

VALERO ENERGY PARTNERS LP

S-1

Baker Botts L.L.P.

RYMAN HOSPITALITY PROPERTIES, INC.

RHP

S-4

NYSE

Bass, Berry & Sims PLC

XCEL BRANDS, INC.

XELB

S-1

OTC

Blank Rome LLP

FEDERATED NATIONAL HOLDING CO

FNHC

S-3

Nasdaq

Broad and Cassel

MAZOR ROBOTICS LTD.

MZOR

F-1

OTC

CBLS Law Offices

CHC GROUP LTD.

S-1

CHC Group Ltd.

PROTHENA CORP PLC

PRTA

S-1

Nasdaq

Cooley LLP

CRITEO S.A.

F-1

Cooley LLP

CHC GROUP LTD.

S-1

Cooley LLP

SONGBIRD DEVELOPMENT INC.

S-1

David Lubin & Associates, PLLC

VOXELJET AG

F-1

Dechert LLP

ATLAS FINANCIAL HOLDINGS, INC.

AFH

S-1

Nasdaq

DLA Piper LLP

KODIAK OIL & GAS CORP

KOG

S-4

NYSE

Dorsey & Whitney LLP

COMBIMATRIX CORP

CBMX

S-1

Nasdaq

Dorsey & Whitney LLP

COMBIMATRIX CORP

CBMX

S-1

Nasdaq

Ellenoff Grossman & Schole LLP

EMBAR DOWNS, INC.

10-12G

Embarr Downs, Inc.

ESSENT GROUP LTD.

S-1

Essent Group Ltd.

MERCANTILE BANK CORP

MBWM

S-4

Nasdaq

Firstbank Corporation

AERIE PHARMACEUTICALS INC

S-1

Fried, Frank, Harris, Shriver & Jacobson LLP

RTI SURGICAL, INC.

RTIX

S-3

Nasdaq

Fulbright & Jaworski LLP

AERIE PHARMACEUTICALS INC

S-1

Gibson, Dunn & Crutcher LLP

SANWIRE CORP

SNWR

S-1

OTC

Greenberg Traurig, LLP

CRITEO S.A.

F-1

Jones Day

LIGHTWAVE LOGIC, INC.

LWLG

S-1

OTC

K&L Gates LLP

KAELAND RESOURCES CORP

10-12G

Kaeland Resources Corporation

MONTALVO SPIRITS, INC.

TQLA

S-1

OTC

Kane Kessler, P.C.

BOISE CASCADE CO

BCC

S-4

NYSE

Kirkland & Ellis LLP

MAZOR ROBOTICS LTD.

MZOR

F-1

OTC

Latham & Watkins LLP

PROTHENA CORP PLC

PRTA

S-1

Nasdaq

Latham & Watkins LLP

CRITEO S.A.

F-1

Latham & Watkins LLP

VALERO ENERGY PARTNERS LP

S-1

Latham & Watkins LLP

AMERICAN RIDING TOURS INC

S-1

Law Offices of Thomas C. Cook, Ltd.

OVERTECH CORP.

S-1

Law Offices of Thomas E. Puzzo, PLLC

XUN ENERGY, INC.

XNRG

S-1

OTC

Matthew C. McMurdo, Esq.

GLOBAL DEFENSE & NATIONAL SECURITY SYSTEMS, INC.

S-1

Nasdaq

McDermott Will & Emery LLP

KANDI TECHNOLOGIES GROUP, INC.

KNDI

S-3

Nasdaq

McKenna Long & Aldridge LLP

MAZOR ROBOTICS LTD.

MZOR

F-1

OTC

Meitar Liquornik Geva Leshem Tal

INTRA-CELLULAR THERAPIES, INC.

S-1

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

NCL CORP LTD.

S-4

O’Melveny & Myers LLP

LGL GROUP INC

LGL

S-3

NYSE

Olshan Frome Wolosky LLP

VOXELJET AG

F-1

Paul Hastings LLP

CHC GROUP LTD.

S-1

Paul Hastings LLP

VERACYTE, INC.

S-1

Pillsbury Winthrop Shaw Pittman LLP

SB FINANCIAL GROUP, INC.

SBFG

S-3

Nasdaq

Porter, Wright, Morris & Arthur LLP

AMERICAN REALTY CAPITAL TRUST V, INC.

S-11

Proskauer Rose LLP

RXI PHARMACEUTICALS CORP

RXII

S-1

OTC

Ropes & Gray LLP

VERACYTE, INC.

S-1

Simpson Thacher & Bartlett LLP

AVIANCA HOLDINGS S.A.

F-1

Simpson Thacher & Bartlett LLP

CHC GROUP LTD.

S-1

Simpson Thacher & Bartlett LLP

NEW RESIDENTIAL INVESTMENT CORP.

NRZ

S-11

NYSE

Skadden, Arps, Slate, Meagher & Flom LLP

GLOBAL DEFENSE & NATIONAL SECURITY SYSTEMS, INC.

S-1

Nasdaq

Skadden, Arps, Slate, Meagher & Flom LLP

ESSENT GROUP LTD.

S-1

Skadden, Arps, Slate, Meagher & Flom LLP

QIWI

QIWI

F-1

Nasdaq

Skadden, Arps, Slate, Meagher and Flom LLP

POSITIVEID CORP

YDM

S-1

OTC

Szaferman, Lakind, Blumstein & Blader, PC

MERCANTILE BANK CORP

MBWM

S-4

Nasdaq

Varnum LLP

VERACYTE, INC.

S-1

Veracyte, Inc.

PIONEER NATURAL RESOURCES CO

PXD

S-4

NYSE

Vinson & Elkins L.L.P.

NORTHERN TIER ENERGY LP

NTI

S-4

Vinson & Elkins L.L.P.

CHENIERE ENERGY PARTNERS LP HOLDINGS, LLC

S-1

Vinson & Elkins L.L.P.

MERCANTILE BANK CORP

MBWM

S-4

Nasdaq

Warner Norcross & Judd LLP

QIWI

QIWI

F-1

Nasdaq

White & Case LLP

AVIANCA HOLDINGS S.A.

F-1

White & Case LLP

ESSENT GROUP LTD.

S-1

Willkie Farr & Gallagher LLP

DIVERSIFIED DATA DEVELOPMENT CORP

S-1

Wilmer Cutler Pickering Hale and Dorr LLP

MAZOR ROBOTICS LTD.

MZOR

F-1

OTC

Zysman, Aharoni, Gayer and Sullivan & Worcester LLP

Post IPO, thousands of organizations count on us to assure regulatory compliance and target new investors. Click here and opt-in to receive this weekly summary via email.

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Are investor relations websites important? Of course they are. This month’s IR Magazine article titled “IR Websites: overpriced and underused” highlighted some of the interesting findings of our newly updated Shareholder Confidence 365 study. You can download the full whitepaper report PDF here.

The questions that arise from the study is in context to the level of energy and effort an investor relations department needs to expend to meet shareholders’ and potential investors’ need. Marketing departments measure the “energy and effort” (aka $$$) to assure our ROI on our “micro-sites – that’s how IROs can measure too.

The East coast session of NIRI’s excellent Fundamentals of Investor Relations is in Boston, Sept 22-25. These conferences are superb: tight, focused and the perfect mix of strategy and tactical advice. There is a January West coast session in Santa Monica CA.

Topics range from the broad “big picture” of IR down to “how-to” tactics on investor targeting, mitigating RegFD and the pros and cons of adopting new technologies – like the push of mobile and social media (whitepaper here).

By design, this event is IR 101 and always highlights the huge diversity of professional backgrounds brought to IR: PR, corp comm, finance, legal… and even (gasp!) marketing. There is never a “typical” IRO. This diversity is exactly why NIRI has been so important to so many in the industry (practitioner and vendor alike). Where else would we learn this stuff? This is college for IR.

Michael Del Grosso will be your PR Newswire – Vintage Filings host. In addition to his depth on shareholder communications, he’ll be able to speak with you about regulatory compliance and the very technical aspects of the actual trades.

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The smartest and most enthusiastic denizens of XBRL are coming together next week at the XBRL.US National Conference, September 22- 25 in Las Vegas.

From XBRL.US

“Join public company preparers and auditors for two intensive days of training and education on XBRL for SEC reporting, plus updates on implementing new accounting standards in XBRL formatted financials. Sessions will be interactive and hands-on with an emphasis on practical case studies designed to ensure you walk away with knowledge and tools that can be applied immediately back at the office.”

Practical case studies will be extremely important this year as all reporting companies, all exchanges, are filing in XBRL. There are a lot of ups, downs and ah-ahs to learn from.

The very point of “being practical” is where the Vintage Filings experts attending the conference will be blending in. Our fleXBRL program was built to be practical (and flexible). Rather than forcing our clients to adjust their workflow to fit a certain XBRL filing methodology, the fleXBRL program offers solutions that match our clients’ workflow, the complexity of their financials, their prowess of XBRL within their accounting team and…budget of course.

Lastly, back to “smartest and most enthusiastic denizens of XBRL,” please be sure to attend Wednesday’s 3:45 pm panel: XBRL Essentials: More Best Practice. Vintage Filings’ own Ron Schechter, CPA, will be joining Campbell Pryde, President and CEO, XBRL US and others to discuss issues such as the use of shares, handling dividends and more, all drawn from consensus decisions reached in the XBRL US Best Practice Committee.

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Capital markets media was all a-tweet last week regarding Twitter’s proclamation of their intention to file their S-1 as a confidential IPO under the JOBS (Jumpstart Our Business Startups) Act. According to an Ernst & Young study, 59% of eligible companies chose to keep their IPO filings confidential.

The JOBS Act allows firms with less than $1 billion in annual revenue (labeled emerging-growth companies) to keep their IPO filings confidential up until just three weeks before they roadshow and market their shares. This is in contrast to the typical S-1 file which is openly filed months before the roadshow giving potential investors, media, peers and competitors a longer time window to consider an investment.

Besides being less expensive for companies to go public, the JOBS Act created the confidential IPO process to allow companies to test the waters for their IPO by getting input and criticism from the SEC and certain investors; it also makes it easier for a company to gently back down from an IPO if the reaction isn’t what was expected.

The term “confidential” is bad marketing by the SEC. The company is being cautious about their IPO. Testing the waters. With the obvious frenzy around Twitter and social media IPO comparisons, it’s a pretty smart choice… especially when you consider Twitter transparently informed us (in a Tweet!) that they are executing their S-1 registration.

PR Newswire – Vintage Filings works with companies for the drafting and filing of their confidential S-1 file. The interaction with their advisors and the SEC is exactly like a “normal” IPO. Please download our IPO workflow whitepaper here to see a graphic depiction of the process. Think “ping-pong.”

All the media pundits that are writing that there is something “secret or sneaky” going on with Twitter and their confidential IPO are misguided. If a company wants to be confidential in the negative sense (aka: secret sneaky), they can simply buy a shell on Craigslist and/or reverse merger.